Gold prices in India inched higher in early trade on Saturday, tracking strength in global markets amid expectations of interest rate cuts and rising geopolitical uncertainty. Ten grams of 24-carat gold rose Rs 10 to Rs 1,33,210, while 22-carat gold also gained Rs 10 to trade at Rs 1,22,110, according to data from GoodReturns.
Silver prices moved up as well, with one kilogram of the metal rising Rs 100 to Rs 2,04,100 in early trade.
Across major cities, 24-carat gold was priced at Rs 1,33,210 per ten grams in Mumbai and Kolkata, while Chennai saw higher rates at Rs 1,34,960. In Delhi, the yellow metal traded slightly higher at Rs 1,33,360 per ten grams.
For 22-carat gold, prices stood at Rs 1,22,110 per ten grams in Mumbai, Kolkata, Bengaluru and Hyderabad, while Chennai quoted Rs 1,23,710. In Delhi, 22-carat gold was priced at Rs 1,22,260 per ten grams.
Silver prices remained steady across most metros, with Delhi, Mumbai and Kolkata quoting Rs 2,04,100 per kg, while Chennai continued to command a premium at Rs 2,16,100 per kg.
Global Cues Supportive
In the international market, gold prices climbed to a seven-week high, supported by a weaker dollar, safe-haven demand and growing expectations of rate cuts by major central banks. Spot gold rose 0.7 per cent to USD 4,311.73 an ounce, marking its highest level since October 21 and setting the metal up for a weekly gain of about 2.7 per cent. US gold futures were also up 0.7 per cent at USD 4,343.50 an ounce.
Silver extended its rally globally, rising 0.5 per cent to USD 63.87 an ounce after touching a record high of USD 64.32 earlier in the session. The metal is on track for a strong weekly gain of around 9.5 per cent.
Among other precious metals, platinum gained 0.8 per cent to USD 1,708.11 an ounce, while palladium jumped 2.2 per cent to USD 1,516.95. Both metals were headed for weekly gains, reflecting broad-based strength across the precious metals complex.